Payments News

On The Web

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LendUp Focuses on Underserved, Issues $2B in Loans

February 4 2020

“Installment lender LendUp , which targets customers underserved by the credit system, has hit a milestone of $2 billion financed through the platform. It’s delivered 6.5 million loans since its inception in 2012. LendUp CEO Anu Shultes touts the platform’s ability to reach a consumer base that typically can’t access personal loans from big banks. […]
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Visa Is Planning the Biggest Changes to Swipe Fees in a Decade

February 4 2020

“With Visa’s changes, the interchange rate for so-called card-not-present transactions, which include those made online or over the phone, will increase. For a traditional Visa card, the fee on a $100 transaction will climb to $1.99 from $1.90. For premium Visa cards, the fee will rise to $2.60 from $2.50. On a premium-card transaction of $50 for the category that includes large supermarkets, the interchange […]
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Under the Hood of CBA’s US$300m Klarna Play

February 3 2020

“We’ll get to how the moment happened in a moment, but what Klarna’s local launch through CBA means for the Australian banking, credit, e-commerce and digital payments markets is pretty big. Bigger than it first sounded too. The launch that will send shudders not just through the CBA’s institutional peers – Westpac will not launch […]
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Surcharging Is Poised to Gain Momentum As State Bans Fall And Acquirers Spot Opportunities

February 6 2020

“Surcharges on credit card transactions could pick up momentum now that only four states effectively ban the practice, a panel of experts indicated Wednesday at a merchant-acquiring trade show. That momentum may benefit not only merchants wary of card-acceptance costs but also merchant-service providers that focus on surcharging as a business opportunity, the panel indicated. […]
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7-Eleven is the next retailer to test cashierless stores

February 6 2020

“7-Eleven is the latest retailer to test the “cashierless” store concept, following Amazon’s big push into the market with its Amazon Go convenience stores that use technology, instead of people, to monitor stock levels, track purchases and process payments. This week, 7-Eleven announced it’s piloting its own take on the cashierless concept with a 700-square-foot […]
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Eye on Fintechs: Sezzle Sizzles With 1 Million Users and Curve Opens a U.S. Office

February 10 2020

“Buy-now-pay-later specialist Sezzle Inc. said it surpassed 1 million consumers using its online payment service. Launched in 2016, Sezzle said it had reached 500,000 customers only in August 2019. At the end of the fourth quarter, the company, with corporate headquarters in Australia, said more than 10,000 merchants offer its e-commerce payment service. “One million […]

On The Wires

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FIS Extends Partnership With PayPal to Enable U.S. Cardholders to Redeem Loyalty Points for Purchases

February 12 2020

“FIS ™ (NYSE: FIS) and PayPal (NASDAQ: PYPL) are extending their partnership to enable millions of cardholders of U.S. financial institutions to participate in PayPal’s Pay with Rewards. Beginning in Q3 2020, cardholders of thousands of financial institutions participating in FIS’ Premium Payback loyalty network will be able to use their eligible card loyalty points […]
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Shell and Dunkin’ Announce Partnership and Loyalty Promotion Through Fuel Rewards ® Program

February 12 2020

“Shell Oil Company (Shell), the largest fuel network in the United States, and Dunkin’ just announced a national expansion of their partnership with the Fuel Rewards® program. The “Sip Dunkin’, Save at Shell” partnership allows Fuel Rewards® members with Gold Status and DD Perks® Rewards Program members to save 10 cents per gallon every time they purchase […]
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Companies

Klarna Acquires the Italian `Buy Now, Pay Later’ Startup Moneymour

February 14 2020

“Klarna, one of the world’s leading smooth shopping and payment providers, today announced an agreement to acquire Moneymour, an Italian payment company, from the founders and minority investors. Through the acquisition Klarna gains access to intellectual property to further improve underwriting capabilities, and additional expertise and competence, as the full Moneymour team will join Klarna. […]